2017 US Code
Title 12 - Banks and Banking
Chapter 46 - Government Sponsored Enterprises
Subchapter I - Supervision and Regulation of Enterprises
Part C - Miscellaneous Provisions
Sec. 4601 - Review of underwriting guidelines
| 12 U.S.C. § 4601 (2017) |
| §4601. Review of underwriting guidelines |
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(a) Study
Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine— (1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families; (2) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and (3) the implications of implementing underwriting standards that— (A) establish a downpayment requirement for mortgagors of 5 percent or less; (B) allow the use of cash on hand as a source for downpayments; and (C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage. Not later than the expiration of the 1-year period beginning on October 28, 1992, each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families. |
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(Pub. L. 102–550, title XIII, §1354, Oct. 28, 1992, 106 Stat. 3970.) |
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CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES Part C - Miscellaneous Provisions Sec. 4601 - Review of underwriting guidelines |
| section 4601 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 106 Stat. 3970 |
| Public Law 102-550, Public Law 104-14 |
| H. Res.5 107th Congress |
